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ORDINANCE NO.
An Ordinance authorizing 'the issuance and sale of local
improvement bonds for Local Improvement District No. 162 of
the City of Port Angeles, to pay the cost and expense of the
improvements in said district as ordered and provided for in
ordinance no. 1293 of the City of Port Angeles, creating said
Local Improvement District No. 162 and providing for the pay-
ment of the cost and expense thereof by special assessments
upon the property within said district, according to law and
by the mode of payment by bonds;providing for the term of such
bonds and fixing interest rates thereon.
THE CITY COUNCIL OF THE CITY OF PORT ANGELES DO ORDAIN AS
1 FOLLOWS:
Section I. That the Mayor and the City Clerk of the City
of Port Angeles be and they are hereby authorized and directed
to issue local improvement bonds for local Improvement District
No. 162 of the City of Port Angeles as created by Ordinance No.
1293 of the City of Port Angeles to pay the cost of the im-
provements created in said district as provided by said Ordinance
No. 1293 and in accordance with the Laws of the State of Wash-
ington and the Ordinances of the City of Port Angeles in the sum
of $1,092.37.
Section II. That bonds shall be made payable on or before
twelve years from the date of issue and shall bear interest at
the rate of four and one -half per cent per annum payable annually
for said term unless such bonds be sooner called. Said bonds
shall be issued in the denomination of One Hundred Dollars each
except bond no. 1, which shall be issued in the denomination of
Ninety Two Dollars and Thirty seven cents ($92.37). That bonds
shall be numbered one to eleven consecutively and shall have
attached thereto interest coupons for each interest payment and
each bond:ech interest coupon shall be signed by the Mayor and
attested by the City Clerk, who shall affix the seal of the City
of Port Angeles to each of said bonds: provided that such interest
coupon may have printed thereon the facsimile of the signature of
Mayor and Clerk, in lieu of being so signed; each of said bonds
shall refer to the improvement for the payment of which said bond
shall be issued and the ordinance ordering such improvement: Each
of said bonds shall provide and state that the principal sum there
in named and interest thereon shall be payable only out of the
special fund created for the payment of the cost and expense of
said improvement, and that no other fund of the City of Port Angeles
shall ever be liable therefor, except so far as the City is liable
by virtue of the statutes of the State of Washington and particular-
ly the statutes providing that the City of Port Angeles shall
create a local improvement guarantee fund for the purpose of
guaranting to the extent of such fund and in the manner provided
by the law, the payment of local improvement bonds issued to pay
for local improvements ordered by said city.
Section III. Such bonds, or any number thereof, may be sold
or exchanged for warrants issued in payment for the improvement
made in such district for which they shall be issued, and may be
sold to any purchaser for cash at not less than the par value there-
of and accrued interest, and the proceeds thereof shall be applied
to the payments of the cost and expense of said improvement.
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Section IV. That the form and mode of issuance and execution
of said bonds shall be as provided by the Laws of the State of
Washington and the Ordinances of the 0ity of Port Angeles, as in
such cases made and provided and said bonds when so lawfully
executed and issued shall be placed in the custody of the City
Treasurer and by her delivered to the purchaser or purchasers
thereof, upon receipt by her of the amount contracted to be paid
for the same, which shall in all cases be not less than their
par value and accrued interest.
Section V. Such bonds shall be dated the 10th day of
September,1953.
Section VI. This ordinance shall be in full force and
effect upon its passage and approval and the publication in
the manner provided by law.
Introduced September 3rd, 1953.
Passed by unanimous vote, September 3rd, 1953.
Approved and signed by the Mayor, , 1953.
Mayor
ATTEST:
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APPROVED AS TO FORM:
PUBLISHED: Sep tt e /e /95"3